DELHI: “Reserve Bank of India issuing circular on disbanding current practices, should consult stakeholders before issuing such circulars,” says Lalit kumar Jain, Chairman, CREDAI.
The Housing Finance Institutions or Banks safeguard their interest while devising such instruments. Abruptly issuing such circulars, advising bank against established practices only harm the sentiments and disrupts business plans. This at the end create setback for projects affecting end consumers.
We expect the new RBI governor taking charge; will get into consultative process with stakeholders before taking decision and issuing circulars / advisories.
In past RBI circulars have resulted into reversal of good market sentiments affecting economy and concerning housing sector.
The Confederation of Real Estate Developers’ Associations of India (CREDAI) is the apex body for private real estate developers in India. CREDAI represents over 8,800 developers through 20 states and 114 city chapters across the country. Its numerous initiatives and activities help developers come together and work towards better practices, improved customer service and a stronger realty industry.
Acting as the voice of India’s Real Estate industry, CREDAI has been the guiding force for the growing Real Estate sector in India bringing more transparency to rid the sector of its most potent virus, Corruption and Red-Tapism.